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RBI releases blueprint for regulation of payments system
The Reserve Bank of India (RBI) on Friday released ‘Payments Vision 2025’, a blueprint for the regulation of payment systems in the country.
Ensuring safe, secure, reliable, accessible, affordable, and efficient payment systems have been one of the important strategic objectives and goals of the RBI.
Towards the pursuit of these objectives, India has developed one of the most modern payment systems in the world, be they large value, retail or fast, the RBI noted in the vision document.
The past decade has witnessed the blossoming of several payment systems, all for the convenience of the common person with an enhanced level of confidence through various safety and security measures.
The role of RBI has transformed from being a regulator, operator and facilitator to the creator of an environment for the structured development of the payments ecosystem in India.
The document noted that the payments Vision documents of RBI have provided the strategic direction and implementation plan for this development since 2001.
The Payments Vision 2025 has the core theme of ‘E-Payments for Everyone, Everywhere, Everytime’ (4Es). It aims to provide every user with safe, secure, fast, convenient, accessible and affordable e-payment options.
The RBI said, “Payments Vision 2025 has been prepared after considering the inputs from various stakeholders and guidance from the Board for Regulation and Supervision of Payment and Settlement Systems of the RBI.”
The activities to be taken up during the period up to 2025 as part of Vision 2025 are captured across five anchor goalposts of Integrity, Inclusion, Innovation, Institutionalisation and Internationalisation. They cover 47 specific initiatives and 10 expected outcomes.
“These measures are expected to propel our payment systems further and surpass their potential at the national and international levels,” RBI said.
Payments Vision 2025 leverages India’s efforts and builds on the focus of the G-20 to enhance cross-border payments by addressing the four key challenges of cost, speed, access and transparency.
Given the dynamic space of payment systems in the financial services space, efforts shall be conditioned by developments and the readiness of the ecosystem to accept and further these initiatives, the document said.
Payments Vision 2025 builds on the initiatives of Payments Vision 2019-21. RBI has provided strategic direction and implementation plan for structured development of the payment and settlement systems in India through periodic Payments Vision documents since 2001.
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